Help me fill in the ? that I placed in my data, they may be left blank if there is no answer. I did most of the work already:

Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash payments.

Required:

Prepare an income statement and a balance sheet for Lang Company for 2014, under each of the following independent scenarios.

a.

Lang is a promoter of rock concerts. The $48,400 was paid to provide a rock concert that produced the revenue. (Any losses and amounts to be deducted should be indicated with a minus sign.)

LANG COMPANY
Income Statement for 2014
Service revenue	$38,400
Operating expenses	48,400
Net loss	$(10,000)

LANG COMPANY
Balance Sheet as of 12/31/2014
Assets
Cash	$24,000
Total assets	$24,000
Equity
Common stock	$34,000
Retained earnings	(10,000)
Total equity	$24,000

b.

Lang is in the car rental business. The $48,400 was paid to purchase automobiles. The automobiles were purchased on January 1, 2014, and have four-year useful lives, with no expected salvage value. Lang uses straight-line depreciation. The revenue was generated by leasing the automobiles. (Any losses and amounts to be deducted should be indicated with a minus sign.)

LANG COMPANY
Income Statement for 2014
Service revenue	$38,400
Depreciation expenses	(12,100)
Net income	$26,300

LANG COMPANY
Balance Sheet as of 12/31/2014
Assets
Cash	$24,000
Rental equipment	?
?	?
Total assets	$24,000
Equity	?
?	?
Common stock	?
Total equity	$0

c.	Lang is a manufacturing company. The $48,400 was paid to purchase the following items:

(1)

Paid $3,000 cash to purchase materials that were used to make products during the year.

(2)

Paid $2,350 cash for wages of factory workers who made products during the year.

(3)

Paid $28,650 cash for salaries of sales and administrative employees.

(4)

Paid $14,400 cash to purchase manufacturing equipment. The equipment was purchased January 1, 2014, was used solely to make products. It had a three-year life and a $2,100 salvage value. The company uses straightline depreciation.

(5)

During 2014, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,650 units of product to its customers.

(Do not round intermediate calculations. Any losses and amounts to be deducted should be indicated with a minus sign.)

LANG COMPANY
Income Statement for 2014
?	?
?	?
?	?
Net income (Loss)	?

LANG COMPANY
Balance Sheet as of 12/31/2014
Assets
Cash	$24,000
Manufacturing equipment	?
Finished goods inventory	2,025
?	?
Total assets	$36,325
Equity
Common stock	$34,000
Retained earnings	?
?	?
Total equity	$34,000